Armstrong World Industries (AWI) Reaches New 12-Month High at $58.10

Armstrong World Industries Inc (NYSE:AWI)’s share price hit a new 52-week high on Tuesday . The company traded as high as $58.10 and last traded at $57.95, with a volume of 255731 shares traded. The stock had previously closed at $57.20.

A number of equities analysts have weighed in on AWI shares. Deutsche Bank boosted their price target on Armstrong World Industries from $52.00 to $53.00 and gave the stock a “buy” rating in a research report on Wednesday, August 2nd. BidaskClub upgraded Armstrong World Industries from a “sell” rating to a “hold” rating in a report on Friday, August 4th. Royal Bank Of Canada restated a “hold” rating and set a $50.00 price objective on shares of Armstrong World Industries in a report on Tuesday, August 29th. KeyCorp restated a “hold” rating on shares of Armstrong World Industries in a report on Friday, September 22nd. Finally, Citigroup boosted their price objective on Armstrong World Industries from $52.00 to $58.00 and gave the stock a “neutral” rating in a report on Friday, October 20th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $55.14.

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The company has a current ratio of 1.98, a quick ratio of 1.41 and a debt-to-equity ratio of 2.25. The stock has a market cap of $3,120.44, a P/E ratio of 22.78, a PEG ratio of 1.79 and a beta of 1.73.

Armstrong World Industries (NYSE:AWI) last issued its quarterly earnings results on Monday, October 30th. The construction company reported $0.86 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.92 by ($0.06). The company had revenue of $351.90 million during the quarter, compared to the consensus estimate of $357.29 million. Armstrong World Industries had a net margin of 11.44% and a return on equity of 46.62%. The company’s quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.99 earnings per share. equities analysts anticipate that Armstrong World Industries Inc will post 2.81 earnings per share for the current fiscal year.

Armstrong World Industries announced that its Board of Directors has initiated a stock repurchase plan on Monday, October 30th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the construction company to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

In related news, SVP Ellen R. Romano sold 33,087 shares of the business’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $54.68, for a total value of $1,809,197.16. Following the completion of the sale, the senior vice president now directly owns 14,769 shares in the company, valued at $807,568.92. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 1.70% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AWI. JPMorgan Chase & Co. lifted its stake in Armstrong World Industries by 14.1% during the second quarter. JPMorgan Chase & Co. now owns 2,310 shares of the construction company’s stock worth $106,000 after purchasing an additional 286 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its stake in Armstrong World Industries by 239.5% during the second quarter. Oppenheimer Asset Management Inc. now owns 2,784 shares of the construction company’s stock worth $128,000 after purchasing an additional 1,964 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Armstrong World Industries during the second quarter worth $149,000. BNP Paribas Arbitrage SA increased its holdings in shares of Armstrong World Industries by 65.3% during the second quarter. BNP Paribas Arbitrage SA now owns 3,520 shares of the construction company’s stock worth $162,000 after buying an additional 1,391 shares in the last quarter. Finally, Victory Capital Management Inc. acquired a new position in shares of Armstrong World Industries during the third quarter worth $193,000.

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About Armstrong World Industries

Armstrong World Industries, Inc (AWI) is a global producer of ceiling systems. The Company owns and operates the Building Products (Ceilings) segment. The Company designs, manufactures and sells ceiling systems (primarily mineral fiber, fiberglass wool and metal) around the world. Its products are used in commercial and institutional buildings.